Employee Loyalty Rises During Global Economic Recession
Twenty-seven percent of employees worldwide say the economic recession made them feel more loyal to their employer, while only 10% feel less loyal and 63% say it hasn't made any difference, a Kelly Services survey reveals.
The survey found that organizations with positive management, strong morale and active communication have succeeded in making their workforce more engaged in spite of the uncertainty caused by declining profits and layoffs.
The most engaged employees are in North America, where 52% say they are "totally committed" to their job, compared with 47% in the Asia-Pacific region and 36% in Europe.
"Many organizations have been through an extremely difficult period but some have managed the challenges in a positive way and have merged with a new level of trust among the workforce," comments George Corona, Kelly Services Executive VP and COO.
The survey also revealed:
- 28% of Gen Y say that as a result of the recession, they are now more loyal to their employer, compared to 27% of Baby Boomers and 26% of Gen X.
- 43% of employees say they feel "totally committed," and 26% "somewhat committed" to their current employer.
- All generations cite "more interesting or challenging work" as the main reason they could be more engaged with their job, ahead of "higher salary or benefits."
- Lack of advancement is the main cause of job turnover among Gen Y and Gen X, while poor management is the leading cause for Baby Boomers.
- Corporate reputation is considered a critical factor in job choice and job retention by 47% of Baby Boomers, but by only 39% of Gen X and 34% of Gen Y.
- All generations agree that the most important factor in a company's reputation is the quality of its products and services, followed by the quality of its management.
- Telecommuting, or working from home, is considered "extremely important" by only 12% of respondents.
American Workers No Longer See Their Jobs as a "Labor of Love"
Seventy-two percent of U.S. workers polled in an Adecco survey say they love their jobs, down from 78% in 2009. In fact, only 39% feel the economic situation has caused them to appreciate their jobs more, a significant dip compared to 55% of workers feeling this way last year. In addition, employees' acceptance to work harder to avoid layoffs (17%) and willingness to work harder longer hours (19%) are slightly fading compared to 2009.
The survey also found:
- 26% of Gen Y workers are nervous about the instability of their job, and 27% love their job less than they did last year, nearly a 10% jump over the 16% who felt this way last year.
- Gen X and Gen Y workers impacted by the economic situation feel that loving their job is less important to them today than it was a year ago. In fact, 20% of Gen X and 17% of Gen Y workers are thinking about going back to school.
- Keeping with 2009 trends, only a small percentage of workers (11%) dread the beginning of the workweek while 19% say they are excited. Workers do, however, appear closely divided between an appreciation to have a job at the start of the week (38%) versus a general indifference (31%).
- If workers had the option to start their careers over again, 51% would change their current profession, particularly Gen X respondents. Fifty-six percent of them said they would start over compared to only 38% of their grandparents' "Silent Generation."
- Similarly to 2009, employees' perception of company leadership continued to wane, with 93% of workers noting that confidence in their executive team has been negatively impacted as a result of the economic situation. Additionally, there's less appreciation for bosses as only 10% of workers appreciate their boss more in 2010 as a result of the economic situation versus 16% feeling that way last year.